Crown LNG Holdings AS and Catcha Investment Corp. will merge, according to an Aug. 3 press release. The combined company, Crown LNG Holdings Ltd. (PubCo), plans to list its shares on the New York Stock Exchange under the ticker symbol “CGBS.”
Crown, which designs and plans to own and operate offshore LNG terminals, was founded with a vision to provide energy to areas with harsh weather conditions.
“The LNG market is being driven by strong market tailwinds, including rising energy security concerns and the increasing use of natural gas as a transition fuel with a tenth of the emissions of coal fired plants,” said Patrick Grove, CEO of Catcha. “Crown will help to enable LNG access for under-served markets which have been traditionally ignored by existing operators and at the same time benefit everyone in the ecosystem – customers, governments, producers and investors.”
Crown is currently developing its first two anchor projects in Kakinada, India, and Grangemouth, Scotland. In addition, the company has more than 21 additional targets in its purview.
“Our targeted blue-chip potential customer base will reflect the strong and growing global demand for harsh weather LNG infrastructure allowing for year-round operation to enable the global energy transition and ensure energy security by facilitating access to reliable natural gas supplies, as well as hydrogen, ammonia and power,” said Swapan Kataria, CEO of Crown. “The capital raised in this transaction will further strengthen our ability to execute on our diversified project pipeline in India, the U.K., Vietnam, Canada and other global markets.”
Pro forma implied enterprise value of PubCo will be approximately $685 million. The combination transaction is expected to provide $50 million in capital, with proceeds going to fund the Kakinada and Grangemouth projects to final investment decision.
Recommended Reading
Wildcatter at Heart: Autry Stephens (1938-2024)
2024-08-18 - Legendary wildcatter Autry Stephens, founder and chairman of Midland Basin E&P Endeavor Energy Resources, stayed true to his “never sell” strategy.
Endeavor Energy Founder Autry Stephens Dies at 86
2024-08-16 - Stephens created a legacy in the Permian Basin that Endeavor said will continue to shape the future of the company.
BPX’s Koontz: The Rise of a Shale Man
2024-07-02 - CEO Kyle Koontz takes the reins of BPX Energy’s rapid onshore growth amid big changes at BP.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
2024-07-11 - With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
Scott Sheffield Among Investors in Australian Shale Gas IPO
2024-06-27 - The operator who sold Pioneer Natural Resources Co. to Exxon Mobil in May for $59.5 billion joins his son Bryan Sheffield in shale gas investment Down Under.